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Global Glimpses

“Global Glimpses” follows compliance, risk, and corporate governance news both in Europe and around the world. It covers developments at the International Accounting Standards Board, as well as global regulation, anti-bribery, and corruption enforcement, along with other compliance developments abroad. Global Glimpses is written by contributor Paul Hodgson. Hodgson welcomes questions, comments, and statements from readers on global issues and will address them here when appropriate. Readers can contact him at paul.hodgson@complianceweek.com.

Sept. 17—When political portfolios change hands this fall with a new set of lawmakers leading the European Commission, the bloc’s banking union will remain a top priority, according to the newly confirmed Head of Economic Affairs Jyrki Katainen. He told financial executives gathered in Lisbon this week that the banking overhaul will be a revolution. “For the financial community, it is a game-changer as important as the introduction of the Euro,” Katainen, the former prime minister of Finland, said in his speech. More inside.

Nov. 5—In a major milestone for the long-anticipated banking union, the European Central Bank has begun its role as the single supervisor for the Eurozone’s banking sector. The ECB’s Single Supervisory Mechanism (SSM) will directly oversee 120 of the area’s biggest banks and indirectly oversee more than 3,000 smaller financial institutions through national authorities. According to SSM Chair Danièle Nouy, the ECB’s work on new regulations has laid a solid foundation for the new supervisor. “We are ready to take on our tasks,” she said. More inside.